Explanation of Important Amendments made in the Income Tax Ordinance, 2001
Introduction The Finance Act, 2022 has brought about certain amendments in the Income Tax Ordinance, 2001 (the Ordinance, hereafter). Some significant amendments are explained hereunder: - 1. [...]
SECP FEE STRUCTURE REVISED
"SECP Announces Revised Fee Structure in the Seventh Schedule of Companies Act 2017: What You Need to Know" Introduction: The Securities and Exchange Commission of Pakistan (SECP) plays a [...]
Accountants and ChatGPT
Accountants and Chat GPT Revolutionizing the Accounting Industry with AI-Powered Solutions Introduction The accounting industry has seen numerous technological advancements in recent years, with artificial intelligence (AI) playing [...]
SBP raises Interest rate to 21%
The State Bank of Pakistan's Monetary Policy Committee (MPC) has announced a 100 basis point increase in the key policy rate, bringing it up to 21%. The decision [...]
Web Hosting and Cloud Services
Sindh has brought web hosting and cloud services under provincial sales tax net, according to the amended law. The Provincial Assembly of Sindh recently passed Sindh Sales Tax [...]
New Sales Tax Rates 18% to 25%
Federal Board of Revenue (FBR) on Tuesday issued updated Sales Tax Act, 1990 incorporating new sales tax rates of 18 per cent and 25 per cent. The FBR [...]
New Active Taxpayer List
Federal Board of Revenue (FBR) on Monday issued updated Active Taxpayers List (ATL) for tax year 2022 including the names of those taxpayers who filed their income tax [...]
Companies Disclose Beneficial Owners
Federal Board of Revenue (FBR) has tightened laws pertaining to disclosure of beneficial owners by directing all companies and Association of Persons (AOPs) to provide details by December [...]
Sales Tax Enhanced To 18%
Federal Board of Revenue (FBR) on Tuesday said that standard rate of sales tax has been enhanced to 18 per cent to increase the tax to GDP ratio. [...]
Heavy Taxes Increase Wedding Costs
New income tax rate on marriage functions in Pakistan has been introduced through Finance (Supplementary) Act, 2023. The rate shall be applicable at 20 per cent on the [...]
New Active Taxpayer List On March 01,2023
Active Taxpayers List (ATL) for tax year 2021 is expiring of February 28, 2023, said officials in the Federal Board of Revenue (FBR) on Tuesday. The officials said [...]
250% Rise In Cigarette Prices
Pakistan’s tobacco sector has taken one on the chin as cigarette makers on Saturday notified huge price hikes of 250 percent per packet in response to the government’s [...]
Salient Features Of Mini Budget 2023
Following are Salient features of mini budget or Finance Supplementary Bill, 2023 presented by Finance Minister Ishaq Dar in the National Assembly on Wednesday. The finance supplementary bill [...]
Pay Tax Through Debit And Credit Cards
Pakistani taxpayers will able to pay their tax liabilities through debit and credit cards by end of current fiscal year year, sources in Federal Board of Revenue (FBR) [...]
Taxpayers To Pay Half Of Super Tax
Supreme Court of Pakistan (SCP) on Monday ordered the taxpayers to pay half of the super tax within seven days, according to a Tweet by the Federal Board [...]
